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New Income and Expense Data on Federally Assisted Apartments Reported in Just-Released IREM Benchmarking Study

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Survey Includes Utility and Maintenance Costs and Other Operating Data

Editor’s Note: Review copies and graphs and charts available to media on request; contact Sharon Peters (312-329-6067), speters@irem.orgFor regional and metropolitan breakout information, contact Matt O’Hara (312-329-6025),

General Information

2013 Income/Expense Analysis: Federally Assisted Apartments, Institute of Real Estate Management, 224 pages, soft cover, charts/graphs;  IREM Member price is  $212.95 and non-member prices is $424.95 (plus shipping and handling). In addition to the traditional print format, the new 2013 Edition is available online at www.irem.orgThe data is easily downloadable in both Excel and PDF file formats, and is completely customizable in Excel. As a special incentive, purchasers of the report in print format also can receive it in downloadable Excel file and PDF format for just an additional $99.99.

(Chicago, Aug. 27, 2013) –Operating expenses in 2012 vs. 2011 were up within a range of $.47 to $1.26 per square foot of rentable area for all types of Section 221(d)3 federally subsidized properties.  In contrast, Section 8 Elderly/Handicapped housing experienced operating expense declines ranging from $0.14 to $0.99 per square foot.  Depending upon building type, operating expenses for Section 202 properties as well as those in the Section 236 and Section 8 Family categories either were up (within a range of  $0.30 to $2.28 per square foot) or down (within a range of $0.12 to $1.22 per square foot).

These are among the key findings reported in the 2013 edition of the Income/Expense Analysis: Federally Assisted Apartments, a new benchmarking study published by the Institute of Real Estate Management (IREM). Conducted by IREM since 1986, this annual study analyzes the previous year’s operating data for more than 1,012 high-rise (elevator buildings), low-rise and garden-style properties nationwide – containing  88,099 units – that receive one of six types of federal assistance: HUD Sections 202, 221(d)3, 236, Section 8 Elderly/Handicap and Section 8 Family and Rural Development Section 515. It is designed as a benchmarking and planning tool to help owners and managers of subsidized housing make detailed, accurate comparisons of the performance of properties in their portfolios. It also can be used as a resource for developing appraisals, acquisition or sales proposals, feasibility studies and loan requests.

In terms of net income by subsidy type, Section 202 building categories in 2012 ranged from $3.79 to $7.40 per square foot; Section 221(d) 3 buildings ranged from $4.74 to $6.56 per square foot; Section 236 buildings ranged from $2.94 to $4.14 per square foot; Section 8 Elderly/Handicapped buildings ranged from $4.84 to $7.25 per square foot; and Section 8 Family buildings ranged from $4.41 to $5.88 per square foot.


  • Utility costs for federally subsidized multifamily buildings were both up and down in 2012 from the year earlier. Increases ranged anywhere from $0.02 to $0.70 per square foot whereas decreases ranged from $0.02 to $0.39 per square foot.
  • Section 8 Elderly/Handicapped garden buildings reported the lowest utility costs at $0.78 per square foot. Section 202 elevator buildings reported the highest such costs at $2.63 per square foot.
  • Maintenance costs (costs include security and grounds maintenance, but excluding general maintenance payroll) for all building and subsidiary types, decreased last year from the prior year. Section 221(d)3 garden buildings reported the lowest maintenance costs at $0.33 per square foot.  Section 202 low-rise buildings reported the highest maintenance costs at $0.99 per square foot.
  • Elevator buildings reported median net operating income ranging from $4.14 to $7.40 per square foot; low-rise buildings ranging from $2.94 to $4.84 per square foot; and garden buildings ranging from $3.82 to $7.25 per square foot.
  • With regard to turnover ratio during 2012, federally assisted properties reported the number of new tenants moving into their building to be 14 percent of total apartments in an elevator building, 27 percent in a low-rise building, and 24 percent in a garden-type property.  Conventionally financed apartments experienced a turnover rate ranging from 40 to 52 percent.
  • In terms of operating ratios (the total of all expenses divided by total actual collections and expressed as a percentage) those for all Section 202 buildings increased. The highest operating ratio, 75 percent, was reported for low-rise Section 202 buildings; the lowest operating ratio, 41 percent, was reported for garden Section 8 Elderly/Handicapped buildings.

The IREM Income/Expense Analysis research study breaks down operating figures into several categories, such as building type, subsidy type, property size and property age. Regional and city reports are also included.

A new state-of-the-art product called the Income/Expense Analysis Online Lab is available as a companion product for the research study. The Lab is an interactive website with 24/7 access that enables purchasers to download over 10 years of historical federally assisted apartment data – including over 100 customizable line-item variables – and compare it to the operating data in their individual portfolios.

The 224-page Income/Expense Analysis: Federally Assisted Apartments report is available to IREM Members and non-members for $212.95 and $424.95, respectively, plus shipping and applicable state sales tax. Internet users can order the study in soft cover or in a downloadable format by accessing the Publications section (click on Income/Expense Analysis Reports on the drop-down menu) of the IREM web site at As a special incentive, purchasers of the print report also can receive it in downloadable Excel file and PDF format for just $99.99, with the data completely customizable in Excel.

The companion Online Lab is priced at $292.95 for IREM Members and $584.95 for non-members.  For information on corporate discounts available for multiple users of the product in a given firm, contact Matthew O’Hara at, or phone 1-800-837-0706, ext. 6025. 

To order any of the  Income/Expense Analysis: Federally Assisted Apartments’ products, contact the IREM Customer Service Department at 430 N. Michigan Ave., Chicago, IL 60611-4090 or call toll-free to (800) 837-0706, ext. 4650. Credit card orders (VISA, MasterCard, Discover or American Express) can be faxed toll-free to (800) 338-4736 or e-mailed to

IREM also has just published new 2013 editions of four other annual Income/Expense Analysis studies, each of which has a companion Lab. The categories covered: Office Buildings; Conventional Apartments; Shopping Centers; Condominiums, Cooperatives & Planned Unit Developments. Pricing and other information is available in the Publications section (click on Income/Expense Analysis Reports on the drop-down menu) of the IREM Web site at

The Institute of Real Estate Management (IREM) is an international community of real estate managers dedicated to ethical business practices, maximizing the value of investment real estate, and promoting superior management through education and information sharing. An affiliate of the National Association of REALTORS, IREM is the home for all industry professionals connected to real estate management – and the only organization serving both the multi-family and commercial sectors.

We believe that good management matters, and that well-managed properties pay dividends in terms of value and in the quality of life for residents, tenants and customers. We believe in professional ethics. We believe in the power of knowledge and the importance of sharing it.

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